Nifty-Intra Day Chart(15-Sep-2011):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 4969-5000
2- Whole day trading between 4969-5089.
3- Up moves between 5000-5055 without force.
4- Last half hour sharp forceful break out above 5055.
Conclusions
Long term and Intermediate term trends are down and short term trend is up. Highly volatile markets in first sessions and Nifty got support between 4969-5000. As without force up moves started after opening of European markets between 5000-5055 therefore down moves was also a possibility but on the contrary last half hour sharp forceful break out seen above 5055.
Nifty closed at the top of the day and sentiment turned strong also therefore next resistance range(5120-5169) testing may be seen if Asian markets remains completely strong tomorrow morning because Petrol Price hike news after today market and Indian markets will firstly react on that tomorrow.
Technically on going up moves continuation possibility is alive but Indian markets will react on Petrol Price hike and Credit policy tomorrow as well as without force upmoves between 5000-5055 also.
Sustaining above 5055 will be ongoing upmoves confirmation and should be watched first.
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1- Consolidation between 4969-5000
2- Whole day trading between 4969-5089.
3- Up moves between 5000-5055 without force.
4- Last half hour sharp forceful break out above 5055.
Conclusions
Long term and Intermediate term trends are down and short term trend is up. Highly volatile markets in first sessions and Nifty got support between 4969-5000. As without force up moves started after opening of European markets between 5000-5055 therefore down moves was also a possibility but on the contrary last half hour sharp forceful break out seen above 5055.
Nifty closed at the top of the day and sentiment turned strong also therefore next resistance range(5120-5169) testing may be seen if Asian markets remains completely strong tomorrow morning because Petrol Price hike news after today market and Indian markets will firstly react on that tomorrow.
Technically on going up moves continuation possibility is alive but Indian markets will react on Petrol Price hike and Credit policy tomorrow as well as without force upmoves between 5000-5055 also.
Sustaining above 5055 will be ongoing upmoves confirmation and should be watched first.